I am looking for rates on a SFH NOO that I am looking to purchase as a rental. If I can get the rates to make it cash flow I would offer $55000. It will rent for $550/month. My mid score is 703 and my wife’s is 752. I have one lender that can do 9.9% on the full amount but was hoping maybe I could get a 80/20 loan with a better rate on the first.
Thank you
The loan will be in Washington State.
I’m doing a similar loan right now but it is with 10% down. He is getting 6.375 on the first and 10.125 on the second. the first has a 2 yr pre pay. 100% your rates will be around 7 and 11. One straight loan you would have to pay PMI.
You should be able to do much better than that- a rate in the 6’s like Patrick said is where you should be given the limited information you have posted here.
Yikes 9.9% - I agree with previous posts. With your credit scores there should be no reason why the first wouldn’t be in the 6’s somewhere. Shop around a bit! As moneylenderp said - doing one loan would require PMI, you should seriously consider getting a second. Good Luck